Business News
Guinness Nigeria’s latest financial report shows significant loss
Top brewer, Guinness Nigeria Plc, has released its interim unaudited financial report for the three months period ended September 31st, 2019.
Top brewer, Guinness Nigeria Plc, has released its interim unaudited financial report for the three months period ended September 31st, 2019. The report shows unimpressive performance with the company running at a loss, even though zero expense for income tax was recorded.
Note that this latest report follows the recent disclosure of the company’s audited full-year financial statements which ended in June this year. See the breakdown below.
[READ MORE: Q3 2019: UBA grows net profit by 32.3%, as gross earnings hit N428.22 billion]
Revenue: Guinness Nigeria’s total revenue for the period stood at N26.8 billion, marking a 4.2% decline when compared to N28 billion during the period ended September 2018. Meanwhile, the cost of sales remained barely unchanged, standing at N18.9 billion as against N18.9 billion during the comparable period in 2018.
Note that after deducting the cost of sale, the company’s gross profit (N7.9 billion), is still less than the N9.1 billion the company recorded during the comparable period in September 2018.
Admin and Marketing costs: Guinness Nigeria’s administrative expenses for the period stood at N2.1 billion, almost the same amount it expended for the same purpose during the comparable period in September last year. In the same vein, the company spent the sum of N5.2 billion marketing and distributing its products during the period under consideration.
Loss Before Tax: The foregoing expenses contributed to the company recording a loss before tax of N370.4 million, representing a 69.8% decline compared to N1.2 billion in September 2018.
Loss After Tax: This also stood at N370.4 million because no tax expense was recorded. Therefore, the figure represents a 55.7% loss compared to a profit after tax of N835.6 million which the company recorded during the three months period ended September 2018.
[READ ALSO: Zenith Bank grows profit by 4.5% as at September 2019]
Earnings per share attributable to shareholders stood at N0.17 compared to N0.38 in September 2018.
The company’s stock is currently trading at N29.35 on the Nigerian Stock Exchange.
Download the full report here.
Coronavirus
COVID-19 Update in Nigeria
On the 22nd of October 2020, 138 new confirmed cases and 2 deaths were recorded in Nigeria
The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 61,805 confirmed cases.
On the 22nd of October 2020, 138 new confirmed cases and 2 deaths were recorded in Nigeria, having carried out a total daily test of 4,648 samples across the country.
To date, 61,805 cases have been confirmed, 56,985 cases have been discharged and 1,127 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 595,283 tests have been carried out as of October 22nd, 2020 compared to 590,635 tests a day earlier.
COVID-19 Case Updates- 22nd October 2020,
- Total Number of Cases – 61,805
- Total Number Discharged – 56,985
- Total Deaths – 1,1127
- Total Tests Carried out – 595,283
According to the NCDC, the 138 new cases were reported from 13 states – Katsina (44), Lagos (35), Kwara (15), Kaduna (13), Plateau (7), Imo (6), Adamawa (5) Rivers (4), Yobe (3), Ogun (2), Oyo (2), Osun (1), FCT (1).
Meanwhile, the latest numbers bring Lagos state total confirmed cases to 20,768, followed by Abuja (5,944), Plateau (3,594), Oyo (3,423), Rivers (2,746), Edo (2,648), Kaduna (2,585), Ogun (1,989), Delta (1,812), Kano (1,741), Ondo (1,659), Enugu (1,314), Kwara (1,065), Ebonyi (1,049), Katsina (948), Osun (919), Abia (898), Gombe (883). Borno (745), and Bauchi (710).
Imo State has recorded 613 cases, Benue (484), Nasarawa (478), Bayelsa (403), Ekiti (329), Jigawa (325), Akwa Ibom (295), Anambra (277), Niger (274), Adamawa (257), Sokoto (162), Taraba (122), Kebbi (93), Cross River (87), Yobe (82), Zamfara (79), while Kogi state has recorded 5 cases only.
READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government
Lock Down and Curfew
In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.
The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.
On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.
On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.
READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous
Economy & Politics
Breaking: Senatorial, State House of Assembly bye-elections postponed – INEC
Senatorial and State House of Assembly bye-elections slated to hold on October 31 in 11 states have been postponed by INEC.
The 6 Senatorial and 9 State House of Assembly bye-elections slated to hold on October 31 in 11 states of the Federation has been postponed by the Independent National Electoral Commission (INEC). The vacancies were as a result of death and resignation of previous members.
According to the statement issued by its National Commissioner & Chairman, Information and Voter Education, Festus Okoye Esq., INEC said the decision was taken after meeting with the 37 Resident Electoral Commissioners (RECs) on Thursday.
Breaking News: #INEC Postpones Bye Elections in 6 Senatorial Districts, 9 State Constituencies. pic.twitter.com/RWiUomBsC6
— INEC Nigeria (@inecnigeria) October 22, 2020
Though the commission did not categorically state the reason for the postponement, feelers are that it may not be unconnected with the raging #EndSARS protests across the nation.
Details shortly…
ENDSARS
#EndSARS: President Buhari issues stern warning to hoodlums
The President has issued a warning to hoodlums who have hijacked the #EndSARS protest to promote unrest.
President Buhari, in his state of the Nation address to Nigerians this evening has warned hoodlums and the conflict entrepreneurs who have hijacked the #EndSARS protest to promote unrest.
The President explained that the choice to demonstrate peacefully is a fundamental right of citizens as enshrined in Section 40 of the Constitution and other enactments.
“I must warn those who have hijacked and misdirected the initial, genuine and well-intended protest of some of our youths in parts of the country, against the excesses of some members of the now-disbanded Special Anti-Robbery Squad (SARS),” he said.
President Muhammad Buhari frowned against the desperate and inhumane actions of mobsters, arsonists and hoodlums which has led to the loss of human lives, sexual violence, attacks on correctional facilities, as well as public and private properties which were completely destroyed or vandalized.
He explained that these bad actions will not be tolerated, as it is not in line with the legitimate expression of grievance of the youth of the country. He reiterated that the Government shall continue to ensure that liberty and freedom, as well as the fundamental rights of all citizens, are protected.
What you should know from the President’s State of the Nation address
The President reiterated that the government has the obligation to protect lives and properties, and ensure that the citizens go about their daily businesses freely and protected from acts of violence.
However, he appealed to protesters to note and take advantage of the various well-thought-out initiatives of this administration designed to make their lives better and more meaningful, and resist the temptation of being used by some subversive elements to cause chaos with the aim of truncating our nascent democracy.
The President, however, warned the youth that doing otherwise will amount to undermining national security as well as law and order, which under no circumstances will be tolerated.
President Buhari thus called on the youths to discontinue the street protests and constructively engage the government in finding solutions, as their voices have been heard loud and clear.
COVID-19 Update in Nigeria
Breaking: Senatorial, State House of Assembly bye-elections postponed – INEC
#EndSARS: President Buhari issues stern warning to hoodlums
#EndSARS: President Buhari tells Youths to discontinue street protests
#EndSARS: President Buhari asks international community not to make hasty decisions on developments
COVID-19 Update in Nigeria
Daily Parallel Market Exchange Rate – ₦461/$1
#EndSARS: Tinubu says he has no investment in LCC, collects no dime from Lekki Tollgate
Sanwoolu says curfew may be partially lifted
Naira stabilizes in forex markets as dollar supply hits record low during curfew
